Protect Your Most Valuable Asset
Disability Insurance protects your ability to earn a living should you become disabled and unable to work. In fact, statistics show that our chances of becoming disabled are greater than dying between the ages of 25 & 45. During the time you are unable to work due to a qualifying disability, the replacement of your regular income through a monthly benefit provided by disability insurance helps to maintain your pre-disability lifestyle.
Note that employers often provide standard short-term disability (STD) and long-term disability (LTD) insurance to meet federal guidelines. However, individual disability income insurance can be customized to meet your needs and considers your occupation, age, income and other factors in determining your cost and monthly benefit payment amount.
What type of Disability coverage is available?
Like other supplemental insurance, Disability coverage can be purchased anytime of year.
A standard Short Term Disability (STD) policy allows for income payments to begin after a two-week waiting period. Payments will continue to the insured until he/she recovers or maxes out the benefits. Thus, total benefits for a STD could last for anywhere from one month to two years, depending on the policy.
A Long Term Disability (LTD) policy allows for income payments to begin after a ninety-day waiting period, although it could be much longer depending on the policy. Once payments begin, they will continue far longer than STD. Thus, the total benefits for a LTD could last for a few years, up to age 65, or even for life
Who needs coverage?
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Have you heard of final expense insurance?
This type of life insurance is very affordable because it is intended to only cover costs related to a person’s final expenses.